I just checked David Newman's BLOG again, and after he did not post for a while, he had some pretty exiting news.

They showed off 4K editing in real time on a workstation level machine using dual quad-core Intels.

This looks exactly like what I am used to from 1080p editing on my old 2.6 GHz box.

And as Cineform has signed an NDA with RED I take this as a hint that what is now possible with Dalsa Origin footage will also be possible with REDCODE RAW. And not only that, as both a wavelet codes there should be a quality loss conversion between the codecs.